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MBNA CORPORATION REPORTS 15.5 PERCENT INCREASE IN NET INCOME; SPLITS STOCK AND RAISES QUARTERLY DIVIDEND

 NEWARK, Del., Jan. 19 /PRNewswire/ -- MBNA Corporation (NYSE: KRB) today reported that net income for the fourth quarter of 1992 rose 15.5 percent to $51.8 million or $1.04 per share, compared with $44.9 million or $.90 per share for the fourth quarter of 1991.
 For the full year, net income rose 15.8 percent to $172.7 million or $3.45 per share, compared with $149.2 million or $3.00 per share for 1991.
 In addition, MBNA's board of directors approved a 2-for-1 split of its common shares to be effected in the form of a dividend. In connection with the transaction, one additional common share will be issued on Feb. 12, 1993, for each common share held by stockholders of record as of the close of business on Feb. 3.
 The board also approved an increase in the quarterly dividend rate on the split stock to $.24 per share, which will raise the annual rate from $.88 to $.96. On a pre-split basis, this is equivalent to increasing the quarterly dividend from $.44 to $.48, or the annual rate from $1.76 to $1.92. The cash dividend is payable April 1, 1993, to stockholders of record as of March 18.
 Total managed loans at year's end were $9.9 billion, a $1.1 billion increase during 1992. For the year, over 2.1 million new cardholders were added. The characteristics of these new cardholders are consistent with the superior quality of the corporation's existing cardholders.
 Delinquency on total managed loans was 3.99 percent at Dec. 31, 1992, down from 4.40 percent at year end 1991. Managed loan losses for 1992 are 3.33 percent. Delinquency and loan losses continue to be significantly lower than published industry levels.
 MBNA Corporation, a bank holding company, is the parent of MBNA America Bank, N.A., a national bank with $9.9 billion in managed loans. MBNA, the country's third largest lender through bank credit cards, also provides retail deposit, individual loan, card acceptance, and financial transaction processing services.
 MBNA CORPORATION AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Dollars in thousands, except per-share amounts)
 (unaudited)
 Periods ended Three Months 12 Months
 Dec. 31 1992 1991 1992 1991
 INCOME STATEMENT DATA
 FOR THE PERIOD:
 Net interest income $104,405 $63,420 $357,515 $239,599
 Net interest margin
 (percent)(A) 8.39 4.99 7.23 5.16
 Provision for possible
 credit losses 24,123 20,237 97,534 86,723
 Other operating income 155,982 155,265 577,505 540,708
 Other operating expense 154,685 127,817 565,467 459,035
 Net income 51,803 44,851 172,732 149,213
 PER SHARE DATA FOR THE PERIOD (E):
 Earnings(B) $ 1.04 $ 0.90 $ 3.45 $ 3.00
 Dividends 0.44 0.40 1.76 1.60
 Book value 13.36 11.96 ---- ----
 RATIOS (percent):
 Return on average
 assets 3.45 3.08 2.96 2.79
 Return on end of period
 stockholders' equity 31.16 30.05 26.12 25.20
 Average receivables to
 average deposits 77.17 61.64 69.98 71.77
 Stockholders' equity to
 total assets 10.25 9.86 ---- ----
 Loan Portfolio:
 Delinquency(C) 3.78 4.39 ---- ----
 Net credit losses 2.73 2.67 2.87 2.65
 Managed Loans(D)
 Delinquency 3.99 4.40 ---- ----
 Net credit losses 3.29 3.06 3.33 3.05
 Net interest margin(A) 7.84 6.32 7.22 6.36
 MANAGED LOAN DATA (D):
 At Period End:
 Credit card loans held
 for securitization $ 678,000 $ 600,000 ---- ----
 Loan portfolio 3,300,650 2,886,405 ---- ----
 Securitized loans 5,881,479 5,327,901 ---- ----
 Total managed
 loans $9,860,129 $8,814,306 ---- ----
 Average:
 Credit card loans held
 for securitization $ 541,152 $ 501,087 $ 733,473 $ 560,447
 Loan portfolio 2,992,913 2,533,906 2,659,305 2,707,535
 Securitized loans 5,739,414 5,373,626 5,528,394 4,563,279
 Total managed
 loans $9,273,479 $8,408,619 $ 8,921,172 $ 7,831,261
 For the Period:
 Sales and cash advance
 volume $4,162,280 $3,621,221 $14,523,570 $12,915,104
 BALANCE SHEET DATA AT PERIOD END:
 Investment securities
 and money market
 instruments $1,345,995 $1,768,048 ---- ----
 Credit card loans
 held for
 securitization 678,000 600,000 ---- ----
 Credit card loans 2,659,007 2,299,912 ---- ----
 Other consumer loans 641,643 586,493 ---- ----
 Total loans 3,300,650 2,886,405 ---- ----
 Reserve for possible
 credit losses (97,580) (97,580) ---- ----
 Net loans 3,203,070 2,788,825 ---- ----
 Total assets 6,454,511 6,009,028 ---- ----
 Total deposits 4,568,791 5,094,011 ---- ----
 Stockholders' equity 661,290 592,230 ---- ----
 AVERAGE BALANCE SHEET DATA:
 Investment securities and
 money market
 instruments $1,435,940 $2,039,665 $1,572,911 $1,401,469
 Credit card loans held
 for securitization 541,152 501,087 733,473 560,447
 Credit card loans 2,362,274 1,965,639 2,050,487 2,176,144
 Other consumer loans 630,639 568,267 608,818 531,391
 Total loans 2,992,913 2,533,906 2,659,305 2,707,535
 Reserve for possible
 credit losses (97,580) (92,771) (97,580)
 (93,28,052 5,347,990
 Total deposits 4,579,555 4,923,715 4,847,911 4,553,186
 Stockholders' equity 634,003 568,727 605,079 522,721
 Weighted average common
 shares outstanding and
 common stock equivalents
 (000) 50,009 50,003 50,053 49,816
 (A) Net interest margin is presented on a fully taxable equivalent basis.
 (B) Earnings per share data for the three and 12 months ended Dec. 31, 1992 and 1991 is computed using weighted average shares outstanding (including common stock equivalents).
 (C) Loan portfolio delinquencies do not include credit card loans held for securitization and securitized loans.
 (D) Managed loans include the corporation's on-balance sheet loan portfolio, credit card loans held for securitization, and securitized loans.
 (E) Per share data and weighted average common shares outstanding and common stock equivalents have not been adjusted to reflect a 2-for-1 stock split of its common shares in the form of a dividend effective Feb. 12, 1993.


/delval/
 -0- 1/19/93
 /CONTACT: David W. Spartin, executive vice president-investor relations of MBNA, 800-362-6255, or 302-456-8588/
 (KRB)


CO: MBNA Corporation; MBNA America Bank, N.A.

ST: Delaware

IN: FIN

SU: ERN

MP -- PH017 -- 6322 01/19/93 12:04 EST
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Date:Jan 19, 1993
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